Bitcoin continues to struggle around $4000 as the altcoins have also taken a laid back approach after a reasonably good start to the year. The total market capitalization of the cryptocurrency markets looking to break the $140 billion resistance.
— TEDDY 🌐 (@teddycleps) March 20, 2019
The dominance of altcoins has also increased slightly by 2-3% since the beginning of the year. As the Bitcoin and the altcoin markets struggle to cross significant yearly resistance, there is a technical similarity observed in the charts of Bitcoin and a couple of altcoins.
Litecoin which has gained 5% since its ascend from $55 looking to break the $60 mark is looking at the formation of a cup and handle pattern graph on the 24-hour scale.
A resistance is formed near the 0.01488 BTC, if broken, will be looking at gains to the tune 20%. A break above the $60 mark on the LTC/USD chart would sentimentally reaffirm the bull signal for the traders which LTC has struggled to break past.
Bitcoin Cash (BCH) and Stellar Lumens (XLM)
These were the two best-performing coins ranked in the top ten cryptocurrencies by market capitalization. Bitcoin Cash (BCH) has gained more than 15% over the week. The graph of BCH/BTC shows similar characteristics with the total market cap graph where the yearly resistance is being tested.
For XLM, Coinbase.com added support for Stellar Lumens (XLM) on 18th March 2019, along with IBM’s partnership with six new banks to integrate into the Stellar enabled World Wire platform. The price of stellar gained almost 10% on the following day.
XRP Losing Steam Altogether?
Apart from Bitcoin, there is one cryptocurrency which has also maintained stability from the past two months. The volatility in XRP over the same period has been limited in the $0.319 to $0.30 range with isolated days with a high of $0.34 or a low of $0.29. The price action in XRP has been cold since the beginning of the year.
Furthermore, the daily chart of XRP suggests bearish momentum. The 200-Day Moving Average line is looking to cross the 50-Day Moving Average. The price has also formed long term support near 0.0007914 BTC, which if broken downwards could revive string bearish sentiments.
Bitcoin’s Stable Dominance
Finally, Bitcoin recently broke the $4000 mark. Furthermore, Bitcoin has been looking to break past the $4100 resistance since a quarter.
Bitcoin continues to maintain a stable price of around $4000 from the past week. Moreover, it was trading near 3900 dollars during the week before that. Therefore, the price action on Bitcoin is still subsided; the traders seemed to have adopted a neutral attitude.
There are a couple of bullish indicators, both: fundamental and technical as the 50-Day Moving Average seems to cross the 100-Day Moving Average. However, the RSI signal is towards the over-bought region.
Some of the other coins which made the news are Enjin (ENJ) coin, Tezos (XTZ) and Zcash (ZEC). While Enjin continues to rise since its association with South Korean Conglomerate Samsung, XTZ is nearing 50% over the week. XTZ is trading at $0.655, 10% higher on the daily index at 16 hours UTC on 21st March 2019.
Bitmain released a new Antminer Z11 to mine Zcash which has three times the capacity of the current hardware. The miners were apparently sold out in minutes; the positive sentiments for the privacy-centric payment token increased considerably.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com